TD High Interest Savings Account Review (2023)

A high-interest savings account (HISA) allows you to grow your money and reach your financial goals faster.

That said, the interest rates offered by big banks are often not as competitive as one would like, especially when compared to digital bank savings.

TD Canada Trust has two savings accounts that fit into the ‘high interest’ category:

• TD High-Interest Savings Account, and
• TD ePremium Savings Account

To earn interest in these accounts, you must maintain a minimum balance of $5,000 or more.

This review of TD’s high-interest savings accounts covers their features, benefits, downsides, fees, and alternatives.

For an updated list of the best savings account rates in Canada, click here.

TD High Interest Savings Accounts

1. TD High-Interest Savings Account

The TD High-Interest Savings Account is TD’s standard HISA account for those looking to earn a higher rate in their savings held at the bank.

It offers a tiered interest rate of up to 0.05% on balances exceeding $5,000. For balances below $5,000, the interest rate is 0%.

Account Balance	Interest Rate
$0 to $4,999.99	0.00%
$5,000 to $49,999.99	0.05%
$50,000 to $99,9999.99	0.05%
$100,000 to $249,999.99	0.05%
$250,000 to $1 million	0.05%
$1 million+	0.05%

These rates are significantly lower than what you would earn from an EQ Bank Savings Plus Account (2.50%*) or Neo Financial (2.25%).

For a limited time, you could also get a 5.25% interest rate from Simplii Financial.

The other features of the TD HISA are:

• $0 monthly account fee               
• Transaction fees are waived with a minimum monthly balance of $25,000
• Access to automated savings
• CDIC protection up to $100,000 per category
• Mobile cheque deposits using your Smartphone

2. TD ePremium Savings Account

The TD ePremium Savings Account is TD’s second HISA account. It offers a tiered interest rate of up to 1.60% on balances of $10,000 and over.

Account Balance	Interest Rate
$0 to $9,999.99	0.00%
$10,000 to $49,999.99	1.60%
$50,000 to $99,9999.99	1.60%
$100,000 to $249,999.99	1.60%
$250,000 to $1 million	1.60%
$1 million and over	1.60%

Other features of this account are:

• $0 monthly account fee
• Unlimited free online transfers to your other TD accounts
• Access to Automated Savings

The TD ePremium Savings Account has a slightly higher interest rate than the TD HISA; however, it is not much better when compared to alternatives.

TD High-Interest Savings Account Fees

TD savings accounts may incur fees when you perform certain transactions, such as ATM withdrawals or sign up for paper statements.

Fees to keep in mind include:

Transaction	Fee
Non-TD ATM in Canada	$2 each
Foreign ATM in U.S. or Mexico	$3 each
Foreign ATM in any other foreign country	$5 each
Transactions (bill payments, Interac e-Transfers, cheques, pre-authorized debits, etc.)	$5 each
Paper statement fee	$2 per month

Other TD Bank Savings Accounts

TD offers two other savings accounts:

TD Every Day Savings Account: This is TD’s regular savings account. It has a tiered interest rate of up to 0.01% and includes one free transaction per month. There is no minimum balance to waive the fees on excess transactions, although transfers to your other TD deposit accounts are free.

TD Student Account: This hybrid account (chequing + savings) is available to students and kids. It offers:

• $0 monthly fee
• Unlimited transactions
• Automated savings (0.01% interest rate)

Find out more about children’s savings accounts.

TD High-Interest Savings Accounts Alternatives

The best high-interest savings accounts are often offered by online banks such as EQ Bank, Tangerine, and Motive Financial. Financial technology companies such as Wealthsimple also do well.

Compared to a TD high-interest savings account, the HISA offered by the EQ Bank Savings Plus account offers unlimited free debit transactions, unlimited Interac e-Transfers, bill payments, mobile cheque deposits, and more. Also, it has no monthly fees.

See how they compare with the TD HISA account below:

Savings Accounts	TD High-Interest Savings	TD ePremium Savings	EQ Bank Plus Savings	Neo Financial	KOHO Earn Interest
Interest Rate	Up to 0.05%	Up to 1.60%	2.50%*	2.25%	Up to 2%
Monthly account fee	$0	$0	$0	$0	$0
Minimum balance  to earn interest	$5,000	$10,000	None	None	None
Minimum balance to waive transaction fees	$25,000	N/A	N/A	N/A	N/A
Number of free transactions	None unless you keep $25k or more	Free transfers to your other TD deposit accounts; otherwise $5 each	Unlimited (includes free Interac e-Transfers and bill payments)	Unlimited (includes free Interac e-Transfers and bill payments)	Unlimited (includes free Interac e-Transfers and bill payments)
Noteworthy features	Automated savings plan, mobile app	Automated saving plan, mobile app	Free mobile cheque deposits; cheap international money transfer; automatic savings mobile app	Automatic savings, mobile app, cash back credit card	Automatic savings, mobile budgeting app; access to early paycheque, free financial advice
Learn more	–	–	Get this rate	Get this rate	Get this rate

Related: RBC High Interest Savings Account.

About TD Canada Trust

TD Canada Trust is TD Bank Group’s customer-focused personal and small business banking business.

It serves over 15 million clients nationally and offers them access to 4,000 TD ATMs across Canada and the U.S.

The TD Bank Group was created in 1955 following the merger of the Bank of Toronto and The Dominion Bank.

It is one of the largest financial institutions in Canada and trades on the Toronto and New York stock exchanges under the symbol ‘TD.’

TD High-Interest Savings FAQs

Related reading

• Wealthsimple Cash review
• EQ Bank Savings Plus Account review
• Tangerine High Interest Savings Review
• Neo Financial Savings Account Review

Do you have a TD high-interest savings account? Let us know what you think in the comments.